Energi Mine plans to raise £12m for its new cryptocurrency

A Token Sale is an event in which a new Blockchain project sells part of its protocol tokens to early adopters and enthusiasts in exchange for money. Energi Mine is the first UK business outside London to undertake a Token Sale.

Energi Mine has shunned VC investment in pursuing a Token Sale, a fundraising method more commonplace in the US and Asia.

The company has launched a blockchain-based platform that aims to decentralise the global energy market by incentivising energy conservation

The newly launched platform is aiming to change the market by encouraging consumers and organisations to reduce their energy consumption. It hopes to achieve this by issuing ETK Tokens to reward energy efficient behaviour, such as taking public transport or buying energy efficient appliances.

Token holders can redeem ETK Tokens on the Energi Mine platform to pay for energy bills, electric vehicle recharging, exchange them for fiat currency instead, or trade them directly with transport authorities to pay for their trip.

With the process designed to be as frictionless as possible, users will receive their tokens via a simple-to-use App, which they will receive from local transit authorities such as the Transport for London. It is hoped that behaviours can be influenced via rewards.

Omar Rahim, CEO at Energi Mine said: “Since September, our team has travelled the globe talking to governments, corporations and the general public to make them aware of our scheme to reduce global energy consumption. There is interest in this project from around the world.

“The ultimate goal is of course to reduce global energy demand. It is very difficult to change human behaviour and at the start of any movement it is necessary for there to be a financial reward. In the long term, wasting energy will become taboo - but we are not there yet.”

Energi Mine has a three-stage fundraising plan, with tranches at £4m, £8m and £12m.